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Give your new products a chance to succeed.
New product introduction is a major initiative for consumer goods companies. While success of new product launches depends on several factors like consumer need and product design, my experience suggests that many new products don’t get a fair chance to succeed at the marketplace.
Companies spend a lot of time, effort, and money in creating awareness about new product launches and succeed in generating demand. However, when consumers go to their favourite store for buying the product, availability is often an issue.
How do we maintain high levels of on-shelf availability when the demand is difficult to predict? The answer lies in designing an adaptive and agile supply chain, which senses demand at the most granular level and adjusts supplies accordingly. This must be done every day.
Companies with such a Demand Driven Supply Chain improve the performance of their new product launches substantially.